Tuesday, April 23, 2013

► KENYA: fastjet, Don Smith agree to kiss and makeup.

fastjetTanzanian LCC, fastjet (FN), has announced that it has entered into a Memorandum of Understanding with Don Smith, CEO of FiveForty Aviation Limited which trades in Kenya as Fly540, thereby paving the way forward for the two to end a long standing legal battle over payment and licensing agreements in Africa.

fly540fastjet says the MoU was signed "with a view to resolving recent disputes and establishing a way by which the two parties can work together to maximise the value and business prospects of both Fly 540 and fastjet."

The MoU includes, among other provisions, an agreement by both parties to stop legal proceedings in order that mutually beneficial and constructive resolutions are discussed and implemented.

Commenting on today's progress, fastjet CEO Ed Winter said the MoU would provide a positive platform for fastjet to strengthen its East African Hub:
"Both fastjet and Don Smith are pleased to be putting the unfortunate, highly publicised events of the past few months behind us. Don Smith remains the CEO of the Kenyan business and we are pleased to have him as part of the fastjet/Fly540 team."
The disputes revolved around alleged non-payment by Fastjet for its acquisition of a controlling interest in Fly540, and a failure by Smith to hand over all the necessary documents to complete the transfer of control of Fly540 to Fastjet.